This was announced by the diocese of Sulmona-Valva on its website.
The temporary suspension is intended to investigate the allegations against the priest.
The priest's reputation and the well-being of the small parish of Rivisondoli in Abruzzo, where the priest worked, should also be protected.
The suspension has been in force since Saturday.
The priest, who comes from Colombia, was involved in a car accident a few days ago.
As the Roman daily newspaper "Il Messaggero" reported, he steered his vehicle into the crash barriers of a motorway on his way home from a dinner.
When his injuries were treated at Sulmona hospital, the laboratory there found significant amounts of cocaine in the priest's blood.
"Il Messaggero" reported online on Sunday that the priest had had to leave his parish because the diocese had issued a six-month ban.
The priest's lawyer told the newspaper that his client had taken the drug by mistake or through ignorance.
He had temporarily withdrawn to a monastery.